Employer Mandate delayed until 2015You still need to start preparing!
The Obama administration caught many by surprise after announcing the one-year delay of the much anticipated employer mandate. This mandate requires employers with 50 or more full-time equivalent employees to provide health care coverage to their full-time employees (or those who work more than 30 hours per week). If employers fail to do so, they may face some hefty fines.
The Obama administration has explained the reasoning behind the delay as to “provide more time for employers to adapt to health coverage and reporting systems while moving toward making health coverage affordable and accessible for their employees. In simpler term, employers will not face penalties for at least another year, giving them time to decide whether they need to “Pay or Play.”
Despite the delay, it is important for employers to start preparing for Obamacare today. Employers will have to decide whether or not they will provide insurance for their full-time employees or pay the penalties associated with not providing insurance. Before employers can reach this decision, there are several steps they need to take beforehand.
Scared? Don’t worry, we’ve got your back.